Nasdaq Stock Market
The Nasdaq Stock Market (based in Washington, D.C.) has two tiers, the Nasdaq National Market and the Nasdaq SmallCap Market. Each tier has its own set of financial requirements that a company must meet to list its securities. Nasdaq also operates the Nasdaq (OTC) Bulletin Board. The Nasdaq markets are not physical stock exchanges in the traditional sense. In place of an exchange floor, they use computer-based trading and trade support systems. In 1998, Nasdaq and the American Stock Exchange combined into one corporate organisation, the Nasdaq-AMEX Market Group.